Le pur-sang s’essouffle - NEUTRE - OC 43€
Après la publication du T3 15, nous initions Grifols avec une recommandation à NEUTRE et un objectif de cours de 43€ (-1%) sur l’action A. En parallèle, nous sommes à l’ACHAT sur l’action B sans droit de vote avec un objectif de cours de 37€ (+15%). Grifols fait partie des leaders de l’industrie du plasma sanguin mais son profil de croissance, très dépendant des ventes de la division Bioscience et notamment de l’immunoglobuline, présente de nombreux défis difficiles à surmonter à moyen/long terme. Malgré une diversification de l’activité avec l’acquisition du diagnostic transfusionnel de Novartis, le portefeuille produits et le pipeline Bioscience manquent de relais de croissance pour faire face à la concurrence. Le titre se traite avec un PEG 2016e plus élevé que son plus proche comparable CSL (2,2x vs 1,8x) et un PE 2016e supérieur (25x vs 22,7x).Grifols is engaged in developing, manufacturing and distributing a range of plasma derivative products. Plasma derivatives are proteins found in human plasma, which once isolated and purified, have therapeutic value. These protein-based therapies extend the lives of individuals who suffer from chronic and acute conditions. Co. also specializes in providing infusion solutions, nutrition products, medical devices, diagnostic instrumentation and reagents for use in hospitals and clinics. Co.'s products and services are used by healthcare providers in approximately 100 countries. Co.'s business is organized into three divisions: Bioscience, Diagnostic, Hospital and Raw Materials.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
Consisting of 13 different profiles (pharmacist, engineer, financier, etc), the DNA of our financial analysis office is value added and sector expertise. Through daily monitoring and detailed analyses of companies and sectors, we seek to provide a differentiating vision of our 120 stocks followed. Our ideas are circulated every day to nearly 1,000 professionals.
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